Future of Safety Syringes Market grows Brighter, as it is Expected to Reach USD 6,496.8 million by 2019, Growing at a CAGR of 9.7%

Since 2000, the global market for syringes is witnessing considerable growth in the usage of safety syringes over conventional syringes. This growth is mainly attributed to increasing concerns regarding needlestick injuries and infections coupled with governmental legislation ensuring the usage of safety syringes across the healthcare facilities. The global market for safety syringes was valued at USD 3,419.1 million in 2012 and is expected to reach USD 6,496.8 million by the end of 2019, growing at a CAGR of 9.7% during the forecast period from 2013 to 2019. Two major types of safety syringes available in the market consist of retractable safety syringes and non-retractable-safety syringes. In 2012, non-retractable safety syringes that include sheathing tube syringes, syringes with sliding needle covers and hinged needle covers accounted for the larger share in terms of revenue (USD Million) as well as volume (Million Units). However, during the forecast period, the market for retractable safety syringes is expected to grow at a higher CAGR than the non-retractable safety syringes due to increasing safety concerns and adoption in developed regions. The market for retractable safety syringes has been further segmented as automatic retractable safety syringes and manual retractable safety syringes. Automatic retractable safety syringes are more preferred than manual retractable syringes owing to advantage such as ease of use and enhanced safety.

The global market for safety syringes is primarily driven by factors such as increasing cases of needlestick injuries and their serious consequences, governmental legislation, overall growth in injectable drugs market and technical advances leading to syringes with improved safety features. According to the U.S. Occupational Safety and Health Administration (OSHA), approximately 5.6 million healthcare workers across the U.S. are high risk of exposure to blood borne diseases via needlestick and other sharp related injuries. The above mentioned fact indicates a favorable growth for safety syringes market. However, the market may face significant challenges from higher cost associated with the safety syringes and continuous development in alternative drug delivery methods. Safety syringes cost two to three times more than the traditional syringes that results in slow adoption rate of safety syringes across the healthcare facilities. This factor is more prominent across the developing nations where healthcare providers believe that the incidence of needlestick injuries can be prevented by providing training to healthcare workers and thus, avoids spending money on purchasing safety syringes.

Geographically, North America was identified as the largest regional market for safety syringes in 2012 with majority share of the overall safety syringes market in terms of revenue as well as volume. The region is witnessing a paradigm shift in usage of safety syringes over conventional syringes. As the North American market is also witnessing a growing demand for prefilled syringes equipped with safety features, growing prefilled syringes market has also been anticipated to drive the market growth during the forecast period 2013 to 2019 in the North American region. Europe accounted for the second largest share in terms of revenue and volume both. In Asia-Pacific and Rest of the World (RoW), the market will grow due to ongoing immunization programs supported by the World Health Organization (WHO) and the United Nations Children’s Fund (UNICEF), increased penetration by the U.S. and other western countries based companies and rise in awareness level regarding the serious consequences of unsafe injection practices.